Consumers will spend with caution, spend more on at-home holiday celebrations and spend more than half the gift budget via e-commerce.
Those are top findings from a Deloitte report on the impact COVID-19 will have on the upcoming holiday shopping season. The report, "2020 Deloitte Holiday Retail Survey: Reimagining Traditions," polled 4,012 consumers nationwide.
Shoppers will average about $1,387 a household, reflecting a 7% dip from last year, and spending will move to non-gift purchases related to at-home holiday fun, according to a press release.
Just over half, 51%, are anxious about shopping in-store and 64% of the holiday budget will be spent online.
"Despite its disruptive impact on consumer behavior and retail spending throughout the year, COVID-19 is not cancelling the holiday shopping season, although it is changing how and where consumers will shop," stated the release.
"In this season of uncertainty, price, value and convenience continue to be top considerations for consumers, as is the desire to get creative with how they celebrate the season with family, friends and pets, no matter the circumstances," Rod Sides, Deloitte LLP vice chairman and U.S. retail, wholesale and distribution leader, said in the release. "The key for retailers is to stay flexible and offer options that appeal to consumers' changing behaviors and address their evolving needs. Those that do will likely be better positioned for a bright holiday season."
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October 30, 2020 at 05:00PM
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Holiday consumer behavior will be different this year, reveals study - Retail Customer Experience
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